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The crypto market has been torn, rising over 2% in the last 24 hours to $1.076 trillion. The excitement came after the approval of the Ethereum Futures ETF from Valkyrie, which will be available for trading from Friday. It's not the victory everyone expected, as they were waiting for a long list of spot Bitcoin ETFs to be approved. But the positive news coincided nicely with a rebound in equity markets and a corrective decline in the dollar, adding fuel to the fire.
Bitcoin surged above $27K on Thursday, gaining over $800 (3.2%). The momentum allowed it to climb above its 50-day moving average, something it has been unable to do since early August. The ability to hold levels above this curve will be the first confirmation of a change in trend and will turn observers' attention to the 27.5 area, where the previous local highs are located. In our view, a move above $28K will attract even more buying interest.
Ethereum gained over 3.2% in 24 hours, briefly topping $1685, its highest level since late August. Technically, it has managed to reverse the downtrend, boosting optimism for Bitcoin and the entire crypto market.
The SEC postponed a decision on applications to launch a spot Ethereum ETF from 21Shares and VanEck until the end of December. The regulator said it was "appropriate" to delay the applications to give it time to review the matter.
Ethereum blockchain developers have launched the Holesky test network at the second attempt, after a failed attempt on the anniversary of The Merge update. The new test network is intended to replace Goerli, which has been running since 2019 and whose support will end in early 2024.
Paysafe Payment Solutions, a euro payment provider, has stopped working with Binance. Industry participants have begun preparing for the collapse of Binance, writes the Wall Street Journal. If the leading crypto exchange collapses in the short term, liquidity in the market could evaporate, leading to a sharp decline in cryptocurrency prices.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.